Canadian Journal of Economics (1996) 29, S366-S370.
Over the last thirty years, countries such as South Korea, Hong Kong, Taiwan and Singapore
have had sustained high growth rates and have undergone substantial economic
transformations. Lucas (1993), for instance, speaks of a miracle in the case of South Korea,
where between 1960 and 1988 yearly real per capita growth averaged 6.2%. This contrasts
with a world average of 1.8% over the same period. All four countries are also characterized
by their openness…